The HBAR Foundation has teamed up with the founder of internet subscription site OnlyFans, Tim Stokely, in a bid to acquire Chinese social media app TikTok, according to a new Reuters report.
Stokely and the HBAR Foundation submitted a bid last week to the White House through the former’s new family-friendly crowdfunding company, Zoop, Reuters said.
“Our bid for TikTok isn’t just about changing ownership, it’s about creating a new paradigm where both creators and their communities benefit directly from the value they generate,” Zoop co-founder RJ Phillips told Reuters.
The HBAR Foundation is the entity behind Hedera (HBAR), a proof-of-stake smart contract platform that launched in 2018. With a market capitalization of $7.2 billion, HBAR is the 22nd-largest cryptocurrency in existence as of press time. The coin only reacted mildly to the news and is up 1.5% in the last 24 hours.
The duo’s bid for TikTok isn’t the only one on the market. Online retailing giant Amazon (AMZN) is also looking to acquire the platform, according to The New York Times.
The HBAR Foundation confirmed to CoinDesk that it had indeed submitted a bid to acquire TikTok US with Zoop.
“This strategic initiative aims to disrupt the traditional big tech model where platforms can capture up to 90% of revenue while creators – who generate the content – receive a disproportionately small share,” the companies said in a press release.
UPDATE (April 2, 2025, 20:10 UTC): Updated with confirmation from HBAR Foundation.